Federal prosecutors have accused a longtime investment advisor in Treynor, Iowa, of running a Ponzi scheme with his clients’ money.

Jeffrey Carley is the owner of Carley Financial Group, which has been registered since 1993 in the small Pottawattamie County city, according to state records. According to charging documents made public Thursday, Carley also owned all or part of two other companies — Prosperity Partners and Main Street Solutions — all of which he operated from Treynor.

According to the indictment, Carley had been advising clients since at least 2013 to move money from their traditional individual retirement accounts to so-called “self-directed” IRAs, which grant the owner greater control over their investments. Carley would then direct the client toward investments he had an interest in through the other two companies, without disclosing that conflict.

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